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2016-11-22 16:05:01

GEN

Genesis Healthcare

$3.33

-0.05 (-1.48%)

16:05

11/22/16

11/22

16:05

11/22/16

16:05

Genesis Healthcare announces retirement of Mike Reitz EVP and COO

Genesis HealthCare announced that Robert A. "Mike" Reitz, Executive Vice President and Chief Operating Officer of the Company, will retire effective January 1, 2017. The Company also announced the appointment of Paul D. Bach as Chief Operating Officer - Genesis HealthCare effective January 1, 2017 to succeed Mr. Reitz. From now until January 1, 2017, Mr. Reitz will remain in his current position. Beginning January 1, 2017, Mr. Reitz will support the Company on a limited project basis focused on the leadership transition and other strategic initiatives such as relationship development with acute care systems and performance improvement projects. "Mike has spent over 40 years working in the long-term care industry, the last 25 years in service to Genesis," notes George V. Hager, Jr., Chief Executive Officer of Genesis. "I'd like to thank Mike for his unparalleled commitment and dedication to Genesis. His leadership and wisdom have been a part of every major initiative we've undertaken in nearly three decades, and his influence on Genesis is far-reaching. In Mike's own words, he 'has chosen to make Genesis his life's work.' I am thrilled to say that we will continue to benefit from Mike's involvement in key strategic opportunities for a period of time." Mr. Bach, who has served the Company in various roles, including Executive Vice President, Senior Vice President, Regional Vice President, Regional Director and Nursing Home Administrator, has been a valuable member of the Genesis management team for more than 32 years. Most recently, Mr. Bach served as the Company's Executive Vice President of the Mid-Atlantic/Southeast Division since 2009 and Senior Vice President of the Capital Region from 1997 to 2009.

GENGenesis Healthcare

$3.33

-0.05 (-1.48%)

05/16/16

BOFA

05/16/16DOWNGRADETarget $1.8BOFAUnderperform

Genesis Healthcare downgraded to Underperform from Neutral at BofA/Merrill

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Bitauto (BITA) downgraded to Underweight at Morgan Stanley by analyst Amanda Chen, who cited the slowdown in the ad and subscription business, aggressive transaction monetization that could result in dealer push back, and less transparent disclosures. 2. Genesis Healthcare (GEN) downgraded to Underperform at BofA/Merrill citing reduced guidance, industry wide pressures and low debt coverage. 3. Bank of America (BAC) downgraded to Market Perform at Keefe Bruyette by analyst Brian Kleinhanzl, who said the bank has more work to do to improve returns and drive shareholder value higher longer term. 4. UBS (UBS )double downgraded to Underperform at Keefe Bruyette with a price target of CHF 16. 5. Deutsche Bank (DB) downgraded to Sell at Berenberg citing leverage concerns. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

As noted earlier, RBC Capital downgraded Genesis Healthcare to Sector Perform from Outperform. After the company reported slightly weaker than expected Q3 results, analyst Frank Morgan says that industry difficulties are continuing to cause operational challenges for the company. He thinks that these challenges, combined with the company's divestiture from eight states, could "cause bumpiness in its 2017 results." Target to $3.50 from $3.